Copper is being traded at USD 3.27 per pound.
Copper rose to the highest level in more than three years as Chinese officials stepped up anti-pollution efforts by halting the operation of processing plants. While in New York, copper has its higher price and its 15-day rebound is also the longest one since 2016.
Regarding the competitive option, it is worth mentioning that Jiangxi Copper Co., the largest Chinese producer was ordered to stop copper production on Monday based on local pollution levels. Experts have stated that this is an important opportunity for other markets, such as Peru’s, to consolidate as copper exporters since there is a big demand which is projected to keep rising in 2018 as well as copper’s price.
The demand for the red metal, often seen as a barometer of global growth, will rise to 29.4 million tons by 2034, 30% more than in 2016. According to experts, there could be strong price performance in the new year until there is clarity about how much capacity is actually being affected. Market behavior will vary a lot during the first months of 2018.
Copper fever is also boosting publicly traded funds. Assets at ETFS Copper, the largest ETF tracking the metal, rose to $US 256 million through December 22, the highest since September 15, according to data compiled by Bloomberg. It is worth mentioning that Peru is the top copper producer in the region and this rise may be an excellent investment opportunity for interested businessmen and women.